What Are The Legal Ways to Personal Loans

Author: Yao Huang

With the rapid development of society, the demand for personal loans Singapore http://ipersonalloansg.com.sg/ is growing constantly. The money lender market breeds ground for many credit approach,from large companies, websites to small utdoor advertising like Dr yrot beans and so on. People who want to apply for personal loans therefore feel very confused. Faulty judgments and even cheated caused no small economic loss. What are the ways to apply for regular personal loans**** and how to identify these?

First, the bank Generally speaking, although other loan companies are not in his capacity as bank loans, and the most of loan companies borrow money from the bank.Undoubtedly, the bank is the preferred way to regular personal loans. Regular bank loans specific features are as follows:1 The main terms of the loan to develop only need the consent of the bank and there is no need to go through the country's financial tube Approval by the governing bodies, securities regulatory agencies and other departments;

  1. In case of economic change, if you need to change terms of the agreement, both lenders and borrowers can have a consultation with each other.
  2. The price of commercial credit is directly agreed by the lender and the borrower, which is no need to do extensive publicity andadvertising, without a lot of documentation.

Although the bank as a way of regular personal loan has many advantages, however, requirements are relatively high, too much information need to provide and the approval time is very long. Many lenders are not eligibility criteria pass the test or can not wait for the long approval time, if the applicant has good credit and has income more than four thousand yuan monthly? the bank is indeed a good option if not be afraid of trouble.

Second, the small loan companies

Compared with the tedio process of bank loans, small loan companies is not only a low application threshold but also relatively simple apply procedure. Borrower call ahead to consult the relevant lending microfinance company matters and then apply the information to the company. After approved the loan company will sign a contract with the borrower and lend in a short time as long as the borrower can repay on schedule. Therefore, the micro-credit loan, it is quite desirable. The premise is to formal microfinance companies. So, how to identify whether the microfinance companies is formal or not.It can be distinguished from the following aspects.

  1. see the loan business. Regular small loan company is broadly divided into two categories, one need guarantees or collateralsuch as typically houses, cars, machinery and equipment collateral, there are also selecting units or individuals as joint guarantee.. The other is unsecured, namely credit loan which is mainly targeted at individuals and corporate credit note record, the interest is generally higher than banks due to the risk of such a unsecured loan. Some informal small loans company only do local businesses and do not relate to the business.
  2. see the documents.

Small loan companies have a formal concession license issued by the government and the company has own office space and its own portal and has division of professional sectors. Those companies with greater visibility have their regular work processes.For unknown small company, we should pay more attention to it and collect more information about the company to identify the authenticity.

  1. see the cost. Regular small loan company does not charge unnecessary fees before the loan,if they charge, it is copies of the material but not money.To those small loan company which charge expenses under various names arbitrarily, we need more attention.
  2. see treatment.

Small loan company's industry standard, the reference system and risk control system are the same.the difference is not be too large. When Some small loans give a ridiculously low interest rates, it would have to be careful.After all,sky will not fall pie. Of course there are loan companies providing some incentives for for some special groups (such as civil servants, public institutionsStaff, etc.), but it's the same for most groups the treatment they received

5, see the contract.

In regular small loans companies borrowers will face contracts, contracts with indicated interest, fees, repayment information, the contract must be personally signed by the borrower to take effect.